Firm buys six stalled subdivisions in Brunswick County

Published: Friday, April 26, 2013 at 12:35 p.m.

Last Modified: Friday, April 26, 2013 at 12:35 p.m.

Six stalled subdivisions along the N.C. 211 corridor in Brunswick County have been sold to one buyer, said Brian Eckel of Cape Fear Commercial.

The subdivisions in the corridor – devastated by the housing slump – are Richmond Hills, Old Georgetown, Mill Creek, Brookstone, Rivergate and Sandstone.

Eckel would not reveal the buyer nor price paid.

The subdivisions have 1,600 lots. Parts of some subdivisions are raw land that have not even been developed.

"It's such a large portfolio of lots that we did see interest from large investment funds, national builders, regional builders and also saw a lot of interest from smaller private equity funds," Eckel said last month. Eckel and colleagues Paul Loukas and Hank Miller had listed the bank-owned properties.

The same team also has sold nine other subdivisions in recent months.

Those include four others in Brunswick: Hawkeswater, adjacent to Belville Elementary School; Seabrooke; Southwynde; and Bobby Brown Circle.

In New Hanover, Cape Fear Commercial has sold Andrews Reach, Stones Edge, River Oaks, Middle Sound Village and Whiskey Creek.

The firm also has issued a call for offers on the remaining 60 lots in Eagles Watch, a gated, waterfront community in Hampstead.

<p>Six stalled subdivisions along the N.C. 211 corridor in Brunswick County have been sold to one buyer, said Brian Eckel of Cape Fear Commercial.</p><p>The subdivisions in the corridor – devastated by the housing slump – are Richmond Hills, Old Georgetown, Mill Creek, Brookstone, Rivergate and Sandstone.</p><p>Eckel would not reveal the buyer nor price paid.</p><p>The subdivisions have 1,600 lots. Parts of some subdivisions are raw land that have not even been developed.</p><p>"It's such a large portfolio of lots that we did see interest from large investment funds, national builders, regional builders and also saw a lot of interest from smaller private equity funds," Eckel said last month. Eckel and colleagues Paul Loukas and Hank Miller had listed the bank-owned properties.</p><p>The same team also has sold nine other subdivisions in recent months. </p><p>Those include four others in Brunswick: Hawkeswater, adjacent to Belville Elementary School; Seabrooke; Southwynde; and Bobby Brown Circle.</p><p>In New Hanover, Cape Fear Commercial has sold Andrews Reach, Stones Edge, River Oaks, Middle Sound Village and Whiskey Creek.</p><p>The firm also has issued a call for offers on the remaining 60 lots in Eagles Watch, a gated, waterfront community in Hampstead.</p><p><i></p><p><a href="http://www.starnewsonline.com/section/topic99"><b>Wayne Faulkner</b></a>: 343-2329</p><p>On <a href="http://www.starnewsonline.com/section/news41"><b>Twitter</b></a>: @bizniznews</i></p>